Owners need to develop a market-focussed business model to deal with the fast-paced changes they are faced with. The main consideration needs to be that conventional strategic thinking will no longer serve you in the “new normal.”
When your customers become your fans, you will quickly realize that you have the potential to increase your revenue without having to increase your marketing budget. Word-of-mouth is a powerful marketing tool and when your customers are also your loyal fans, they will often do the work for you.
Ever since the beginning of the pandemic, years’ worth of market and business changes have been compressed into days, weeks, and months. This has been highly disruptive for small businesses, requiring business owners to rethink their business model. Despite the unprecedented changes, we’ve seen many small business owners weather the storm and keep up with business disruptions, altering their offering in ways they have not imagined before.
COVID-19 was completely unprecedented and happened so fast that unfortunately for many, no matter how fast they reacted, they could not contend with it. So how do you plan for something that no one has ever experienced before?
Business valuation is a complex process, and many different factors need to be taken into consideration to determine how much an organization is worth. We have narrowed this down to three lessons that came out of the past year and that owners need to build on in 2021.
What is the next step in this strange new normal? How do you continue to not only survive, but to build value in your business – even now as we are in the second wave of this pandemic?
Many owners are reworking their plans to
counter the impact of the pandemic on their business. But how can they
ensure all of the thinking that has gone into developing that plan is
put into action? Try these three steps.
There is no denying that these are extremely difficult and challenging times for leaders all around the world. But how can leaders lead in such unprecedented times? How can businesses engage with risks to ensure positive outcomes for their organization? It all comes back to one word: trust.
Owners who have been wanting to sell or step back from their business, have been particularly hard hit during this global turmoil and, as the song goes, must now deal with not being able to get what they want. What happens to our ability to project continued growth in a world that has been turned upside down? What is the bottom line for owners planning to exit?
The COVID-19 pandemic is a huge challenge for business owners, and likely the biggest crisis you as a business owner will ever face. Despite this, it is possible to take back control of your life and your business.
Business Transition Alliance
We are business owners and advisors that offer consulting services to entrepreneurs. Working hands-on, we help develop and implement effective strategies that increase business value, growth and profitability, to prepare for the future.
“Beyond grateful for your partnership, genius and hard work!”
“Can I say one more time how great it is to have you guys in our corner”
“You were an important driver of a methodical process that helped us learn more about what our people think and want.”
“It’s been a pleasure working with you.”
“Thanks for your patience and guidance in putting us on our new path.”